With Holi and Good Friday approaching, banks were set to close for six out of the next 10 days. However, the RBI issued a new instruction, resulting in banks being closed for only five days instead of the originally scheduled six. This covers both public holidays and weekends, and particular dates are provided below for clarification.
Please take note of the following dates:
- 23–24 March: Saturday and Sunday are open.
- Monday, March 25 is closed for Holi.
- 29 March: Closed for good Friday
- March 30: Saturday.
According to a recent declaration from the Reserve Bank of India, all Agency banks would stay open for public transactions on Sunday, March 31, 2024.
The Indian government has particularly requested that all branches dealing with government revenues and payments be open on this day to account for transactions connected to fiscal year 2023-24. The RBI has also directed all bank branches to notify the public about the availability of financial services on that day.
What exactly are Agency Banks?
The central and federal governments, in collaboration with agency banks, permit financial institutions to provide banking services for them. They are the institutions that stand between the government and the people, playing the position of the "middle-man" who handles with the payments
Agency banks play a critical role in government business activities such as tax collection, subsidy redistribution, government account management, monetary policy implementation, and benefit disbursement. The government or central bank typically picks an agency bank based on needs and agreements.
There are various agency banks in India, including commercial banks such as State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BOB), and regional rural banks (RRBs). In addition, there are cooperative banks and a few private banks.
